In an increasingly digital world, companies are relying on their data like never before. This overall reliance on data will keep increasing, not only for global business but for consumer, industry and government processes alike. The need to efficiently manage the mass of data within enterprises and to make good data available and protected has underscored the vital importance of data processes.
A recent Forrester poll of 164 businesses called “Delivering Governed Data for Analytics at Scale” reveals the growing importance of two such processes—analytics and data governance—to face a major challenge of an increasingly data-driven business environment: data quality. The study revealed that organisations that lack a strategic approach to data quality fail to keep pace with business needs. The study also revealed that data governance provides enterprises with a framework to manage data quality as well as data security and data privacy, thereby reaping competitive benefits.
What is data governance?
Data governance can be likened to state governance. Governments manage the natural assets of a state to facilitate its growth, learning and overall success. Data governance has a similar framework with data as a critical resource to an organisation’s growth. More specifically, data governance ensures that data assets are formally, properly, proactively and efficiently managed throughout the organisation to secure trust and accountability. It concerns how data is created, processed, stored and made available for use. Its goal is to standardise the efforts and processes so that data quality and integrity is optimised.
By optimisation, we mean that a data governance framework should help data stakeholders (those groups or individuals that the data-in-question can affect) come together to address data management and compliance, as well as to achieve clarity of thought and purpose, thus helping members of the organisation to make well-informed or smarter decisions. To achieve this end, all data governance models, however much they differ according to the culture of an organisation, have an essential three-part mission: to make, collect and align rules; to resolve issues; and to monitor and enforce compliance while providing ongoing support to data stakeholders.
When is data governance important?
Data governance isn’t new. For a long time, it had been a tool that organisations used for regulatory compliance. However according to key findings of the Forrester poll, today’s enterprises with a high data governance maturity have seen significant improvements in
- Enhancing data quality and consistency
- Making better-informed business decisions
- Improving customer experience
When organisations grow so large for cross-functional data activities or when data systems get so complicated that they can’t address cross functional data activities, data governance is a great advantage. It provides the rules and processes to allow parties and disciplines to work together to manage the way data is made available. It acts as a system of decision rights for information-related processes which describe who can take what actions with what data, when, under what circumstances and using what methods. It ensures that critical data is managed, protected and standardised, allowing all parties to work together. In such a system where data is available, accurate and trusted, data then becomes a strategic tool to improve customer experience and address customer expectations – a formula for business success.
For questions on the business advantages of cutting-edge data management, contact ADEC Philippines Managed Services on +63 2 775 0632 loc 8187